SSBSouthState Bank Corp
State Commercial Banks
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $10.2B
- Employees
- 6,190
- Net debt / EBITDA
- —
- −$341M net debt
- AI in 10-K
- 3.0
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 2 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes38% of net incomeCash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowYes155% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo4% of assetsOver 40% of assets
- Shareholder dissentNo95% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo3.0 per 10K words · 70th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$10.2B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$6M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Net income | $476M | $496M | $494M | $535M | $799M | 49% |
| Operating cash flow | $416M | $1.7B | $547M | $512M | $301M | 41% |
| Capex | $28M | $18M | $39M | $36M | $70M | 96% |
| Stock-based comp | $26M | $36M | $36M | $28M | $37M | 32% |
| Buybacks | $147M | $119M | $16M | $17M | $236M | 1307% |
| Dividends | $135M | $147M | $156M | $163M | $231M | 42% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Sep 12, 2017 | DEFM14A | South State Corporation | $11.17 | 14.29% |
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $6M · 9
- Net
- −$6M
Pay vs performance
No pay-versus-performance disclosure yet.